The largest Federal Reserve District geographically is serviced by:
A. the Reserve Bank in San Francisco.
B. the districts are divided fairly equally.
C. the Reserve Bank in Chicago.
D. the Reserve Bank in New York.
Answer: A
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From a firm's point of view, when the demand for a good has a price elasticity of 0.5, then, all things remaining the same, a(n):
A) increase in the price of the good will decrease the firm's revenue. B) increase in the price of the good will increase the firm's revenue. C) change in the price of the good will not affect the firm's revenue. D) change in the price of the good will not affect the quantity of the good demanded by consumers.
On a graph showing the aggregate demand and aggregate supply curves, stagflation can be represented by a:
a. leftward shift of the aggregate supply curve b. rightward shift of the aggregate supply curve. c. upward movement along the aggregate supply curve. d. rightward shift of the aggregate demand curve. e. upward movement along the aggregate demand curve.
If the demand curve faced by a firm is horizontal, then the firm is ________ and a ________.
A. perfectly competitive; price taker B. perfectly competitive; price maker C. a monopoly; price taker D. a monopoly; price maker
Suppose that the percentage change in supply is 20%, the price elasticity of demand is 3, and the percentage change in the equilibrium price is 4%. What is the price elasticity of supply?
A. 0 B. 2 C. 4 D. 5